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Wakefield Council has backed out of plans to buy the struggling Ridings Shopping Centre in Wakefield, after a recent meeting of senior councillors. Previously, it was thought that the council may make a formal offer to buy the site and redevelop it into 340 new homes, as part of wider regeneration plans for the city.
However, the Wakefield Express reports that councillors have decided that now is not the right time to make the purchase, which is thought to be priced at around £7.5 million. The change of heart is put down to the worsening economic outlook, and increased financial pressures on the council.
The BBC reported prior to the latest decision that several shops in the centre have closed over the past few years, and it no longer had a viable prospect of surviving as a retail centre. Many high street stores, including big names such as Debenhams and Topshop, have disappeared as the pandemic took a toll on bricks and mortar retailers.
The original report stated: “Having assets in public sector ownership would enable a more comprehensive approach to be taken, particularly around the pace and quality of development which in turn would provide confidence to the private sector and stimulate investment over time.”
It continued: “If the asset is acquired it would pave the way for complete redevelopment and change of use from retail which would radically reduce supply and enhance retail vibrancy of the consolidated areas around Trinity Walk and Westgate.”
However, the plans were met with strong public objections. The council now plans to work with a third-party buyer to discuss possible future alternative plans for the site.
Matthew Morley, cabinet member for planning and highways, told the meeting: “It is not the time or the place to be buying a shopping centre. We have seen a lot of debate on social media. People don’t think we should be buying The Ridings.”
Michael Graham, cabinet member for culture, leisure and sport, said: “It is clearly not the right time to buy this. But what I will say is that we know for a fact that retail is not going to build back up to the level it was years ago. We need to shrink the retail offer and look at leisure.”
The council reiterated that the site remained on their agenda for redevelopment, but it would have to face the realities of current budget restraints and consider other options. Possibilities include working with a developer to create more leisure facilities, and creating more green public spaces.
Tom Gordon, Lib Dem Group Leader at Wakefield Council, said: “Labour should categorically rule out purchasing The Ridings. The report to cabinet is an utter dog’s dinner, clocking in hundreds upon hundreds of pages, and making little to no coherent sense.”
“People will be outraged that in a cost of living crisis, Labour councillors are even contemplating playing property roulette, leaving local taxpayers on the line to pick up the pieces and stump up the cost if Labour’s gamble doesn’t pay off.”
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